Cowabunga System Daily Update: Wednesday, 12/16/09

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Main Trend

Current Trend

The trend stayed down until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.

News events to watch for today :

  • 4:30am EST- UK Claimant Count Change
  • 8:30am EST- US Core CPI m/m

Today’s Surf

3:30am EST- There was a valid entry here but because it was close to a news event I did not enter. (See video for more explanation)

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for tomorrow:

  • 4:30am EST- UK Retail Sales m/m
  • 6:00am EST- UK CBI Realized Sales
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST- US Philly Fed Manufacturing Index

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

  • peel724

    Hi Pipsurfer,on the 4 hour chart when you get a crossover to the up side (or down)and R.S.I is above 50(below),Stochastics going up (down),giving a valid entry point,then when looking at the 15 min chart and a valid entry is found, all indicators in favour,do you still take any notice of the indicators on the 4 hour chart as by now they have probably moved out of favour and cancelled out the entry on the 15 min chart,or once a trend has been found on the 4 hour chart,is it then ignored untill a further trend change takes place on that chart ? thank you,Andrew.

  • mabidashraf

    Hi Andrew, Your second statement is correct i.e. once the trend on 4 hour chart is determined, trades are executed once all criteria are met on 15 minute chart irrespective of the indicators reading on 4 hour chart.

  • peel724

    Hi Pipsurfer,on the 4 hour chart when you get a crossover to the up side (or down)and R.S.I is above 50(below),Stochastics going up (down),giving a valid entry point,then when looking at the 15 min chart and a valid entry is found, all indicators in favour,do you still take any notice of the indicators on the 4 hour chart as by now they have probably moved out of favour and cancelled out the entry on the 15 min chart,or once a trend has been found on the 4 hour chart,is it then ignored untill a further trend change takes place on that chart ? thank you,Andrew.

  • impraresempre

    What are the exact times during the day eastern time/Gmt THAT the cowabunga system trades?

  • mabidashraf

    @impra 12am EST to 12 noon

    Extract from /blogs/pip-my-system/so_youve_finished_the_school_o.html

    Signals that occur before 12 midnight ET should be taken with caution. While you can still take them, you should be cautious because market volume is very quiet before the Euro session. As of 3/5/07 I am only taking signals that occur after 12 midnight ET.

    I will close my trade whether I’m in the money or not at 4pm ET because market volume is very low at this time. Trade signals that you see before 12 am ET (midnight) should be taken with discretion because market volume is also low at this time. Optimal signals usually come after 1am ET.

  • mabidashraf

    Hi Andrew, Your second statement is correct i.e. once the trend on 4 hour chart is determined, trades are executed once all criteria are met on 15 minute chart irrespective of the indicators reading on 4 hour chart.

  • PipSurfer

    Once again thank you Mabidashraf. Your answers are spot on!

  • impraresempre

    What are the exact times during the day eastern time/Gmt THAT the cowabunga system trades?

  • mabidashraf

    @impra 12am EST to 12 noon

    Extract from link to babypips.com

    Signals that occur before 12 midnight ET should be taken with caution. While you can still take them, you should be cautious because market volume is very quiet before the Euro session. As of 3/5/07 I am only taking signals that occur after 12 midnight ET.

    I will close my trade whether I’m in the money or not at 4pm ET because market volume is very low at this time. Trade signals that you see before 12 am ET (midnight) should be taken with discretion because market volume is also low at this time. Optimal signals usually come after 1am ET.

  • PipSurfer

    Once again thank you Mabidashraf. Your answers are spot on!

  • impraresempre

    Thanks Mabidashraf

  • impraresempre

    Thanks Mabidashraf